The Union Cabinet, chaired by the Prime Minister Narendra Modi on 01 March 2019 approved the National Policy on Software Products 2019 to develop India as a Software Product Nation.
The software product ecosystem is characterized by innovations, Intellectual Property (IP) creation and large value addition increase in productivity, which has the potential to significantly boost revenues and exports in the sector, create substantive employment and entrepreneurial opportunities in emerging technologies and leverage opportunities available under the digital India programme, thus, leading to a boost in inclusive and sustainable growth.
Initially, an outlay of Rs 1500 crore is involved to implement the programmes and schemes envisaged under this policy over a period of 7 years. The amount will be divided into Software Product Development Fund (SPDF) and Research & Innovation Fund.
Promoting the creation of a sustainable Indian software product industry, driven by intellectual property (IP), leading to a ten-fold increase in India share of the Global Software product market by 2025. The policy will lead to the formulation of several schemes, initiatives, projects and measures for the development of software products sector in the country as per the envisaged roadmap.
The Indian IT Industry has predominantly been a service Industry. However, a need has been felt to move up the value chain through technology-oriented products and services. Hence, to create a robust software product ecosystem the Government has approved the National Policy on Software Products – 2019.